FHN vs FNGD: Correlation
How closely do First Horizon Corporation (FHN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FHN and FNGD?
Over the past 3 years, FHN and FNGD moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.01) than the 3-year average (-0.26). Over 5 years the correlation is -0.14, and the annualized covariance of weekly returns is -597.6 %².
FNGD is close to the least connected end of FHN's tracked universe, ranking #15 of 17. Correlation aside, the last 12 months split them widely, with FHN ahead by 65.6 points (+9.9% versus -55.7%). Note the risk asymmetry: FNGD runs 2.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FHN vs FNGD: side by side
| FHN (First Horizon Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +9.9% | -55.7% |
| 5-year return | +77.9% | -99.4% |
| Volatility (ann.) | 30.5% | 75.7% |
| Beta vs S&P 500 | 1.08 | -4.54 |
| Max drawdown (3Y) | -27.1% | -97.6% |
| Market cap | $11.6B | – |
| P/E (trailing) | 11.8 | 20.6 |
| Dividend yield | 2.60% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FHN | FNGD |
|---|---|---|
| 2022 | +53.9% | +52.2% |
| 2023 | -39.4% | -90.1% |
| 2024 | +47.7% | -76.6% |
| 2025 | +22.1% | -61.4% |
| 2026 | +3.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FHN and FNGD good diversifiers for each other?
Yes. With a correlation of -0.26, FHN and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FHN and FNGD?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.01 over the last year and -0.14 over 5 years.
Is FNGD a good diversifier for FHN?
Yes. With a correlation of -0.26, FHN and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fhn-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fhn-vs-fngd/)
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Related comparisons
Hubs: FHN correlations · FNGD correlations
